Economy

  • Moody’s upgrades long-term deposit ratings of four Greek systemic banks

    Moody’s Investors Service (Moody’s) on Monday upgraded the long-term deposit ratings of National Bank of Greece S.A., Eurobank S.A. and Alpha Bank S.A. to B2 from Caa1, and Piraeus Bank S.A.’s long-term deposit rating to B3 from Caa2. The outlook on the deposit ratings for all four banks is positive. The rating agency has also…

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  • Analysts and economists welcome PM Kyriakos Mitsotakis’ financial measures

    Analysts and economists have a favorable opinion of the financial measures Prime Minister Kyriakos Mitsotakis announced on September 11 at the Thessaloniki International Fair. They tell Kathimerini the tax breaks are targeted to boost growth and investments, without threatening fiscal stability, especially in the current environment where the rules are more relaxed. Zsolt Darvas, a…

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  • Greece ranks 78th in Economic Freedom index

    Greece rose four places in the global economic freedom chart in 2019, but was still just in 78th position among 165 countries, according to the Fraser Institute’s Economic Freedom of the World annual report, released on Tuesday in Greece and Cyprus by the Center for Liberal Studies (KEFiM). Among the 27 states that currently constitute…

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  • Greece: Finance ministry specifies tax breaks, aid for households, businesses

    The Greek Finance Ministry specified on Monday the measures announced by Prime Minister Kyriakos Mitsotakis in Thessaloniki to support households and businesses from the impact of the pandemic, totalling 42.7 billion euros. Finance Minister Christos Staikouras said that the abolition of tax on parental gifts of property, cash and shares of up to 800,000 euros…

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  • Greece: The measures announced comply with the overall strategy to create wealth and distribute it fairly

    Prime Minister Kyriakos Mitsotakis, in a press conference at the Thessaloniki International Fair (TIF) on Sunday, said that the measures for the protection of public health will continue to apply and that we will continue to use masks for a long time. On the vaccination strategy, he said that it is not the government’s intention…

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  • Greece: PM revises economic growth to 5.9% this year, from 3.6%

    The Greek economy is projected to grow by 5.9% this year, faster than the 3.6% growth previously forecast, Prime Minister Kyriakos Mitsotakis said on Saturday during his annual economic address. Greece emerged from a decade-long financial crisis in 2018 but saw its economy slump again by 8.2% last year amid restrictions to curb the spread…

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  • Greek economy roars back after pandemic, grows at annual 16.2% clip

    Greece’s economy grew strongly in the second quarter, beating forecasts, with its annual expansion rate hitting double digits as consumer spending and investments picked up, data showed on Tuesday. Seasonally adjusted data showed gross domestic product (GDP) grew 3.4% from an upwardly revised 4.5% growth rate in the first quarter and at an annual 16.2%…

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  • Greece: Plan sees extra help for households in 2022

    More support measures are set to be added to the government’s plans for next year, with the Finance Ministry currently seeking the funds to finance its “3+2 billion-euro” package for the 2022-23 period. The aim is to front-load the package – i.e. have €3 billion channeled into the market next year to support growth further,…

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  • Greek PM Mitsotakis expresses optimism for Greek economy in 2022, after meetings in Thessaloniki

    Prime Minister Kyriakos Mitsotakis expressed his optimism for the Greek economy in 2022, following meetings in Thessaloniki on Wednesday ahead of his International Fair policy speech. Mitsotakis is holding a series of meetings in northern Greece with agencies, local government and business owners. “We have reason to be optimistic over the economy’s prospects in the…

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  • Australian Treasurer: Businesses will close if states don’t eventually open borders

    Josh Frydenberg is doing the media rounds this morning. The Treasurer was just asked on Sunrise whether the economy will be pushed into recession if states don’t eventually open their borders. As regular readers of this blog will know, national cabinet has agreed to do away with large-scale lockdowns once Australia reaches a 70 to…

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